上市公司股权激励研究
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摘要
一个企业想要获得成功,必须建立起一套完善的管理体制,通过对企业管理人才和技术人才的有效管理来保证这些职员的相对稳定性,同时,要使企业能长足发展,除了这些管理体制外,还应该建立一套完善可行的激励制度和约束机制,通过激励的方法来激发企业职员的工作热情,从而达到企业、员工双赢的目的。可以看出,管理体制和激励制度相辅相成,是企业制度的重要组成部分。
近几十年来,新制度经济学和管理学都致力于对企业激励的研究,使其成为了当代经济学的主流学派。管理激励理论从“恐吓与惩罚”到“奖赏”再到“工作中的奖赏”中一步步走来,逐步形成了以“激励特征”为核心的研究体系。股权和期权激励是众多激励和约束机制中周期较长、效果最优的激励机制。实施股权、期权激励一方面不仅需要周密的策划,还要立足于企业的长远发展规划,另一方面不仅需要达到稳定和激励员工的目的,还要强调营造激励环境,诱导自我激励。
目前我国很多企业都实行了股权激励,不少民营企业也参与其中,但是由于有些企业没有建立企业文化,不注重操作方案的详细策划以及实施的相关细则,配套措施相对落后,缺乏组织激励和相关约束,导致管理层和技术骨干团队工作涣散、意见不统一,不能兼顾好激励对象和普通员工之间的关系,反而影响了大家的工作情绪,严重制约了企业的发展。
因此,一个企业实施激励制度的前提条件是对我国的市场环境、股权激励及约束机制的相关规定、证券市场、企业制度与目标、企业发展状况、人力资源状况、企业管理机制等进行充分考察,通过论证分析,判断比较后最终选择出适合企业自身的股权激励模式,并配备相应的管理措施、监督措施、加大监管力度,保护股东、激励对象的合法权益,真正实现激励、稳定企业职员和企业发展战略的目标。
综上所述,本论文将从上市公司的角度为出发点,通过对股权激励基本理论的论述,股权激励模式的分析以及股权激励前期准备工作的研究,来探讨我国企业股权激励的特点和特征,并通过实例来分析企业实施股权激励的优缺点,总结出从中受到的启发,并提出存在的问题,希望对我国上市企业的股权激励起到一定的借鉴作用。
A successful enterprise, will get a faultless management system, through the efficacious management of the management personnel and the technical personnel to ensure the relative stability of these employees, meanwhile, if the companies want to take a long-term development, in addition to the management system, it should also establish a perfect viable incentive system and a restraint mechanisms, by way of incentives to stimulate corporate staff enthusiasm for the work to achieve the purpose that the enterprise and the employees win-win. It can be seen, the management system and incentive system will also be an important part of the enterprise system.
In recent decades, new institutional economics and management are committing to the study of enterprise incentive system, making it as a mainstream school of contemporary economics. Management incentive theory is from the "intimidation and punishment" to "reward" to "reward in work" in a step by step way, and gradually formed a research system which take the" incentive characteristics" as the core. Equity and option incentive is a longer period and most effective incentive mechanism in many incentive and restraint mechanisms. To Implement the equity and options incentives, on the one hand, we not only need a careful planning, but also need to base on the long-term development planning of the enterprise, on the other hand, we not only reach to the purpose of stabilize and motivate the employees, but also emphasize the environment and create incentives to induce self-motivation.
At present, there are many companies have adopted the equity incentive, and many private companies are taking part in, but because of some companies did not establish the corporate culture, did not pay attention to the detailed planning of the operating program and the details of the operating, the supporting measures are relative backwardness, and are lack of organizational incentives and related constraints, all of those are leading the slack to the team work of the management and technical backbone, and the lack of consensus, and can not take account the common good of the relationships between employees and incentive objects, those effect on the emotions of employees at work adversely, and seriously hampered the development of enterprises.
Therefore, the prerequisite of an implementation of a enterprise incentive system is fully study for China's market environment, equity incentive and restraint mechanisms of the relevant provisions, the securities market, the target and the system of the enterprise, the enterprise development, human resources, enterprise management mechanism and so on, through argumentation analysis to determine the final choice of comparison for the enterprise's own equity incentive model, and equipped with the appropriate management measures, monitoring measures, intensify supervision, protect the legitimate interests of shareholders and incentive objects, and to accomplish the goals of the motivation and stability of the corporate staff and the enterprise development strategic.
In summary, this paper will take the listed company's point as a starting point, through the discussion of the basic theory of equity incentive, the analysis of equity incentive model, the research of the preparatory work of the equity incentive, to explore the characteristics of equity incentive in China's enterprises, to analyze the advantages and disadvantages of the implementation of equity incentive by examples, and sum up the inspired and existing problems, in the hope of play a learning effect, for China's listed companies equity incentive.
近几十年来,新制度经济学和管理学都致力于对企业激励的研究,使其成为了当代经济学的主流学派。管理激励理论从“恐吓与惩罚”到“奖赏”再到“工作中的奖赏”中一步步走来,逐步形成了以“激励特征”为核心的研究体系。股权和期权激励是众多激励和约束机制中周期较长、效果最优的激励机制。实施股权、期权激励一方面不仅需要周密的策划,还要立足于企业的长远发展规划,另一方面不仅需要达到稳定和激励员工的目的,还要强调营造激励环境,诱导自我激励。
目前我国很多企业都实行了股权激励,不少民营企业也参与其中,但是由于有些企业没有建立企业文化,不注重操作方案的详细策划以及实施的相关细则,配套措施相对落后,缺乏组织激励和相关约束,导致管理层和技术骨干团队工作涣散、意见不统一,不能兼顾好激励对象和普通员工之间的关系,反而影响了大家的工作情绪,严重制约了企业的发展。
因此,一个企业实施激励制度的前提条件是对我国的市场环境、股权激励及约束机制的相关规定、证券市场、企业制度与目标、企业发展状况、人力资源状况、企业管理机制等进行充分考察,通过论证分析,判断比较后最终选择出适合企业自身的股权激励模式,并配备相应的管理措施、监督措施、加大监管力度,保护股东、激励对象的合法权益,真正实现激励、稳定企业职员和企业发展战略的目标。
综上所述,本论文将从上市公司的角度为出发点,通过对股权激励基本理论的论述,股权激励模式的分析以及股权激励前期准备工作的研究,来探讨我国企业股权激励的特点和特征,并通过实例来分析企业实施股权激励的优缺点,总结出从中受到的启发,并提出存在的问题,希望对我国上市企业的股权激励起到一定的借鉴作用。
A successful enterprise, will get a faultless management system, through the efficacious management of the management personnel and the technical personnel to ensure the relative stability of these employees, meanwhile, if the companies want to take a long-term development, in addition to the management system, it should also establish a perfect viable incentive system and a restraint mechanisms, by way of incentives to stimulate corporate staff enthusiasm for the work to achieve the purpose that the enterprise and the employees win-win. It can be seen, the management system and incentive system will also be an important part of the enterprise system.
In recent decades, new institutional economics and management are committing to the study of enterprise incentive system, making it as a mainstream school of contemporary economics. Management incentive theory is from the "intimidation and punishment" to "reward" to "reward in work" in a step by step way, and gradually formed a research system which take the" incentive characteristics" as the core. Equity and option incentive is a longer period and most effective incentive mechanism in many incentive and restraint mechanisms. To Implement the equity and options incentives, on the one hand, we not only need a careful planning, but also need to base on the long-term development planning of the enterprise, on the other hand, we not only reach to the purpose of stabilize and motivate the employees, but also emphasize the environment and create incentives to induce self-motivation.
At present, there are many companies have adopted the equity incentive, and many private companies are taking part in, but because of some companies did not establish the corporate culture, did not pay attention to the detailed planning of the operating program and the details of the operating, the supporting measures are relative backwardness, and are lack of organizational incentives and related constraints, all of those are leading the slack to the team work of the management and technical backbone, and the lack of consensus, and can not take account the common good of the relationships between employees and incentive objects, those effect on the emotions of employees at work adversely, and seriously hampered the development of enterprises.
Therefore, the prerequisite of an implementation of a enterprise incentive system is fully study for China's market environment, equity incentive and restraint mechanisms of the relevant provisions, the securities market, the target and the system of the enterprise, the enterprise development, human resources, enterprise management mechanism and so on, through argumentation analysis to determine the final choice of comparison for the enterprise's own equity incentive model, and equipped with the appropriate management measures, monitoring measures, intensify supervision, protect the legitimate interests of shareholders and incentive objects, and to accomplish the goals of the motivation and stability of the corporate staff and the enterprise development strategic.
In summary, this paper will take the listed company's point as a starting point, through the discussion of the basic theory of equity incentive, the analysis of equity incentive model, the research of the preparatory work of the equity incentive, to explore the characteristics of equity incentive in China's enterprises, to analyze the advantages and disadvantages of the implementation of equity incentive by examples, and sum up the inspired and existing problems, in the hope of play a learning effect, for China's listed companies equity incentive.
引文
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[4]德路科.上市公司股权激励中国[J].企业研究中心,2009.2.26.
[5]罗富碧,冉茂盛,杜家廷.国外股权激励与经营者信息披露研究综述[J].商业研究.2009.(10).
[6]李嘉焱.美国银行业股权激励与中国实践[J].银行家.2008.7
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[8]杨华,陈晓升.上市公司股权激励理论、法规与实务[J].中国经济出版社,2009.5.
[9]郭福春.股权激励机制的理论基础及效应分析[J].齐齐哈尔大学学报：哲学社会科学版.2002.5
[10]曹廷求.股权结构与公司绩效：度量方法和内生性[J].经济研究.2007.(10).
[11]王玉坤.上市公司股权激励存在问题及对策分析[J].企业科技与发展.2009.
[12]陈勇,廖冠民,王霆.中国上市公司股权激励效应的实证分析[J].管理世界.2005.(2).
[13]中国股权激励年度报告[J].和君咨询,2006.10.
[14]中国股权激励年度报告[J].和君咨询,2008.10.
[15]徐鹿.上市公司管理层股权激励现状分析[J].会计之友.2011.6
[16]陈朝龙.中国上市公司管理层激励的实证研究.重庆大学学报.2008.(5).
[17]员工持股计划与股票期权激励制度研究[R].北京大学光华管理学院课题组.
[18]陈泓.中国工商银行股权激励方式选择[J].西南财经大学.2007
[19]周明祥.我国保险公司股权激励模式选择[J].中国城市经济.2011.1
[20]刘晶晶.基于委托—代理理论下的国有企业激励机制研究[J].西安电子科技大学.2009.
[21]杨钊,熊杰.上市公司股权激励及其效用分析[J].四川文理学院学报(社会科学).2009.(5).
[22]姜莎莎.我国上市公司股权激励及相关会计问题研究[J].对外经济贸易大学.2009
[23]股票期权制度研究[R].2006.
[24]股权激励对上市公司的影响及投资策略[R].平安证券.2007.
[25]罗艳琴.高科技企业科技人才股权约束机制研究.[硕士学问论文].太原理工大学。2010
[26]丁璐颖.国有上市公司高管人员股权激励研究.[硕士学位论文].东北财经大学.2007.
[27]罗爱芳.我国上市公司股权激励的实施效果分析[J].科技广场.2009.10.
[28]王文斐.股票期权激励对我国上市公司股价影响分析[J].商业经济.2010.5.
[29]陈郁编译.所有权、控制权与激励[M].上海人民出版社.1998.3.
[30]梁能.公司治理结构.中国的实践与美国的经验[M].中国人民大学出版社,2000.
[31]洪银兴.现代经济学[M].江苏人民出版社.1998.
[32]黄柱坚.论股权激励的风险控制[J].企业经济.2009.(2).
[33]崔明会.上市公司股权激励的短期财富效应研究[J].经济研究导刊.2008.14.
[34]斯蒂芬·P·罗宾斯.管理学[M].中国人民大学出版社.1997.
[35]赵越春.我国上市公司股权激励存在的问题及对策[J].商场现代化.2008.29.
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